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Middle East sees its first physically backed BTC ETP

By Darius McQuaid

16:26, 12 October 2022

Representation of Bitcoin cryptocurrency is seen in this illustration photo taken in Krakow, Poland on 18 September, 2022
The Middle East and North Africa (MENA) region is the fastest growing crypto market in the world for 2022 - Photo: Getty Images

21Shares, a Switzerland-based issuer of crypto exchange-traded products (ETPs), has launched the first physically backed bitcoin (BTC) ETP in the Middle East.

The 21Shares Bitcoin ETP is listed on the Nasdaq Dubai under the ticker ABTC. This marks 21Shares’s first step in the Middle East, which it described as a “key region on the company’s global roadmap”.

In total the company lists 46 products across 12 exchanges in nine countries.

BTC to USD 

‘A major milestone’

Hany Rashwan, CEO and co-founder of 21Shares, said: “Our expansion into the UAE is a major milestone in 21Shares’s international growth plans. Coming from the Middle East myself, the region is exceptionally important to me and, as a company, we are committed to providing regional investors with safe and secure access to cryptocurrency-backed products.

“Our partners, Nasdaq Dubai and Dubai Financial Market, share our vision to provide investors with access to new and exciting asset classes. 21Shares will continue to support the Middle East’s ambitions to become a global crypto hub.”

SOL/USD

172.98 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

66,815.00 Price
-0.920% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
-2.340% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.60 Price
-0.580% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “We are pleased that 21Shares has selected Nasdaq Dubai to list its ETP. This is another testament to Dubai’s open, progressive, and innovation-first approach. Streamlining investors’ access to diversified asset classes is a key pillar in Nasdaq Dubai’s endeavour to attract further investments and stimulate active engagement from various market participants.

“Nasdaq Dubai’s world-class infrastructure, broker network and regulatory-focused approach offers fund managers the right environment to bring their products to market.”

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MENA fastest growing crypto market

The Middle East and North Africa (MENA) region is the fastest growing crypto market in the world in 2022.

This is according to a report from Chainalysis, a blockchain data platform.

It was found that MENA saw a 48% increase in the volume of crypto the region received compared to the previous year.  

Markets in this article

BTC/USD
Bitcoin / USD
66815.00 USD
-618.2 -0.920%

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